Formula 1 is keen on cashing the trend with its upcoming simulator lounge, the F1 Arcade. The sport recently opened a $38,000,000 funding round to expand the F1 arcade. This round saw Lando Norris and Zak Brown pitch in their fortunes.
F1 is set to unveil its 2nd F1 arcade in Boston next year. The 16,000-square-foot Boston Seaport location will feature over 60 full-fledged simulators and high-end fine dining options.
With the arcade, F1 has taken another step in monetizing its ever-growing fanbase globally. The sport plans on expanding to newer locations in Europe, North America, Australia, and the Middle East by the end of 2027.
Lando Norris, Zak Brown, and Logan Sargeant invest in F1’s newest venture
The first F1 Arcade was opened in London on November 2022, which became an instant hit amongst fans. The sport has raised $38,000,000 to fund the expansion plans, which have received backing from Lando Norris and other keen investors.
Other investors include Williams F1 driver Logan Sargeant, McLaren CEO Zak Brown, and F1 owners Liberty Media. This will pave the way for Arcade’s expansion in Europe, the US, and the Middle East in the coming years.
The F1 arcade was designed with the surge in popularity of the sport and virtual racing. The London center was built at an estimated cost of $7.5 Million.
The upcoming facility will be located in Boston and equipped with more than 60 simulators. The UK will be hosting another F1 Arcade in Birmingham, however, the expected opening date is yet to be released.
F1 Arcade to open in Boston in 2024
Investors like Lando Norris and Logan Sargeant were keen on investing in the F1 Arcade project based on the success of the London venue. The London location has seen a footfall of 8000 visitors per month and has generated additional revenue for the sport.
The Arcade is labeled F1’s step into the ‘Social Gaming’ movement. Each Arcade enables fans to experience the racing in F1 along with classy dining options and cocktail bars.
The US has been chosen to be a major market to expand the Arcade. The country will witness 3 Grand Prix this year, in Austin, Miami, and Las Vegas. However, the potential to monetize the F1 craze in the US can be increased through the immersive experience of the Arcade.
The success of Netflix’s ‘Drive To Survive’ and the popularity of F1 on social media have boosted F1’s popularity in the USA. In fact, over the past few years, F1 has targeted its growing US fan base over traditional European fans.
By combining an immersive gaming experience with high-end dining options, Arcade hopes to enhance the fan experience. This will increase the sport’s income on non-race weekends and enable it to profit from its hype. As the sport looks to expand its audience, this will also be a strategy for gaining new followers.
